Market Briefings
Morning briefings, evening recaps, and the Sunday week-ahead. Ten reads a week written by the team. Public archive runs on a 48-hour delay; subscribers see them on the day.
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Tuesday, 8 September 2026
Sunday, 6 September 2026
Friday, 4 September 2026
Morning Market Briefing: 4 Sep 2026
Markets arrive into Friday's London open in a state of productive tension. The Strait of Hormuz remains effectively...
Evening Market Recap: 4 Sep 2026
Friday's session was defined entirely by a jobs report no one expected. The US economy added 162,000 jobs in August...
Thursday, 3 September 2026
Morning Market Briefing: 3 Sep 2026
Markets are entering Thursday in a state of careful recalibration. The Wall Street Journal reported early in the Asian s...
Evening Market Recap: 3 Sep 2026
Thursday's session had one decisive moment: Fed Governor Waller's conditional disinflation signal, which hit m...
Wednesday, 2 September 2026
Evening Market Recap: 2 Sep 2026
Wednesday's session delivered two of the morning briefing's flagged surprises in the same afternoon. USD/JPY b...
Morning Market Briefing: 2 Sep 2026
Global markets are entering Wednesday's London session under the weight of three simultaneous pressures: oil extend...
Tuesday, 1 September 2026
Morning Market Briefing: 1 Sep 2026
Markets open Tuesday with an unusually dense convergence of catalysts that are pulling simultaneously in different direc...
Evening Market Recap: 1 Sep 2026
September opened with the kind of session that clarifies rather than confuses. Two oil tankers struck in the Strait of H...
Monday, 31 August 2026
Sunday, 30 August 2026
Friday, 28 August 2026
Evening Market Recap: 28 Aug 2026
Fed Chair Kevin Warsh used his Jackson Hole debut to warn that inflation has not shown meaningful underlying improvement...
Morning Market Briefing: 28 Aug 2026
The 2026 Jackson Hole Economic Policy Symposium represents a pivotal moment for global markets as newly appointed Federa...
Thursday, 27 August 2026
Thursday, 20 August 2026
Wednesday, 19 August 2026
Evening Market Recap: 19 Aug 2026
Wednesday delivered two surprises where the market expected one. UK core CPI came in hotter than forecast at 2.6%, putti...
Morning Market Briefing: 19 Aug 2026
Global bond yields are the defining force this Wednesday morning. The US 30-year Treasury has hit a 19-year high, Japan&...
Tuesday, 18 August 2026
Morning Market Briefing: 18 Aug 2026
Markets are entering Tuesday's London session in a state of active geopolitical escalation. A cargo vessel was stru...
Evening Market Recap: 18 Aug 2026
Tuesday delivered the week's most important geopolitical confirmation rather than its scheduled data catalyst. Pres...
Monday, 17 August 2026
Evening Market Recap: 17 Aug 2026
Monday's session was shaped before London opened. The 60-day US-Iran ceasefire expired with Strait of Hormuz transi...
Morning Market Briefing: 17 Aug 2026
Renewed Israeli strikes on Lebanon - one of the deadliest days of fighting in months - have sent Brent toward $89 ahead...
Sunday, 16 August 2026
Friday, 14 August 2026
Evening Market Recap: 14 Aug 2026
Today delivered the data shock the week had been quietly dreading. US retail sales fell 0.6% in July - the steepest mont...
Morning Market Briefing: 14 Aug 2026
The week ends with two significant developments arriving within hours of each other. Thursday's US Producer Price I...
Thursday, 13 August 2026
Evening Market Recap: 13 Aug 2026
Thursday delivered the second soft inflation print in as many days, with July PPI posting flat at 0.0% against a 0.2% co...
Morning Market Briefing: 13 Aug 2026
The week's dominant binary event has cleared. July CPI landed exactly on consensus at 3.4% headline and 2.5% core,...
Wednesday, 12 August 2026
Evening Market Recap: 12 Aug 2026
Wednesday's session delivered the CPI print that everyone had been circling for four days - and it landed exactly o...
Morning Market Briefing: 12 Aug 2026
Markets arrive at Wednesday's London open in a state of concentrated anticipation. The July US CPI prints at 13:30...
Tuesday, 11 August 2026
Evening Market Recap: 11 Aug 2026
Tuesday's session had one defining characteristic: it moved against its own opening thesis, twice, without ever set...
Morning Market Briefing: 11 Aug 2026
Markets enter Tuesday's London session with the Iran-Hormuz situation materially worse than it was 48 hours ago. Tr...
Monday, 10 August 2026
Morning Market Briefing: 10 Aug 2026
Markets open this Monday in a fundamentally different position from the environment that defined last week. Friday'...
Evening Market Recap: 10 Aug 2026
Monday's session was defined by a significant deviation from expectations. The Bank of Japan's summary of opin...
Sunday, 9 August 2026
Friday, 7 August 2026
Morning Market Briefing: 7 Aug 2026
Global markets enter Friday in a markedly different condition from where Thursday opened. Overnight, escalating Middle E...
Evening Market Recap: 7 Aug 2026
The data delivered today, and it delivered hard. July nonfarm payrolls fell by 23,000 against a consensus of plus 80,000...
Thursday, 6 August 2026
Evening Market Recap: 6 Aug 2026
Thursday delivered the week's most complete session for risk management. The SpaceX lockup, which the week's b...
Morning Market Briefing: 6 Aug 2026
Markets enter Thursday with the Iran-Oman shipping corridor agreement confirmed and gold breaking above $4,278, its high...
Wednesday, 5 August 2026
Morning Market Briefing: 5 Aug 2026
Global markets are entering Wednesday's session in a state of productive tension. Wall Street closed at record high...
Evening Market Recap: 5 Aug 2026
Wednesday's session was defined by two things arriving in sequence: the clearest terms yet for a Hormuz deal, and a...
Tuesday, 4 August 2026
Evening Market Recap: 4 Aug 2026
Tuesday delivered the session the morning briefing described as the underpriced scenario: Qatar confirming Hormuz deal d...
Morning Market Briefing: 4 Aug 2026
Geopolitics is doing the heavy lifting again this morning. Trump's decision to call off a planned strike on Iran an...
Monday, 3 August 2026
Sunday, 2 August 2026
Friday, 31 July 2026
Morning Market Briefing: 31 Jul 2026
Friday 31 July opens with the week's most significant overnight development already in motion: Japan conducted susp...
Evening Market Recap: 31 Jul 2026
Friday closed a month of extraordinary market drama. Japan's Ministry of Finance intervened to support the yen on T...
Thursday, 30 July 2026
Morning Market Briefing: 30 Jul 2026
This morning the US-Iran conflict entered a new phase. US Central Command completed a heavy wave of overnight strikes ag...
Evening Market Recap: 30 Jul 2026
Thursday delivered a near-textbook execution of the week's most important setup. Core PCE printed 3.3% in line with...
Wednesday, 29 July 2026
Evening Market Recap: 29 Jul 2026
Wednesday delivered the violent oil round trip the morning briefing had mapped as its primary risk scenario. WTI surged...
Morning Market Briefing: 29 Jul 2026
The ceasefire trade is over. Late Tuesday, Iranian ballistic missiles targeted American forces in the Middle East. All w...
Tuesday, 28 July 2026
Morning Market Briefing: 28 Jul 2026
Two themes are pulling against each other in Tuesday's session. The US-Iran diplomatic pause that drove Monday'...
Evening Market Recap: 28 Jul 2026
Tuesday's session delivered a clear verdict on Monday's ceasefire optimism: the dollar erased it. A deepening...
Monday, 27 July 2026
Morning Market Briefing: 27 Jul 2026
The dominant narrative entering this week has reversed sharply from Friday. The US and Iran paused military strikes over...
Evening Market Recap: 27 Jul 2026
Monday opened in a regime the previous week could not have predicted: oil down sharply on a US-Iran ceasefire pause, equ...
Sunday, 26 July 2026
Friday, 24 July 2026
Evening Market Recap: 24 Jul 2026
Friday July 24 began with the same geopolitical tension that drove Brent above $100 on Thursday, and ended with somethin...
Morning Market Briefing: 24 Jul 2026
Global markets are entering Friday in a genuinely risk-off posture for the first time this week. Brent crude trading nea...
Thursday, 23 July 2026
Morning Market Briefing: 23 Jul 2026
The London open this Thursday arrives with three simultaneous breaking developments reshaping the overnight picture. Ira...
Evening Market Recap: 23 Jul 2026
Thursday delivered clarity on one question and raised the stakes on two more. WTI crude broke through $90 during New Yor...
Wednesday, 22 July 2026
Evening Market Recap: 22 Jul 2026
Wednesday delivered the week's sharpest commodity move. WTI crude surged more than 4% to near $88, its highest in s...
Morning Market Briefing: 22 Jul 2026
Markets are navigating a genuinely complex Wednesday morning. Trump played down near-term Iran peace talks overnight and...
Tuesday, 21 July 2026
Morning Market Briefing: 21 Jul 2026
Markets are navigating a genuinely two-sided geopolitical situation this Tuesday morning. A senior Iranian official has...
Evening Market Recap: 21 Jul 2026
Tuesday handed the market a genuinely unusual session: a 4.5% silver rally, a gold close through $4,040, a Nikkei rippin...
Monday, 20 July 2026
Evening Market Recap: 20 Jul 2026
Monday opened with a genuine supply shock and closed with a diplomatic riddle. WTI reached $84.59 intraday before Iran s...
Morning Market Briefing: 20 Jul 2026
This Monday session opens with a material escalation in the US-Iran conflict. The US military began a ninth consecutive...
Sunday, 19 July 2026
Friday, 17 July 2026
Morning Market Briefing: 17 Jul 2026
Markets are entering Friday in a genuinely difficult environment. Six consecutive nights of US airstrikes against Iran,...
Evening Market Recap: 17 Jul 2026
Friday delivered a genuine escalation. Iran struck Syria for the first time in this conflict, hit a Kuwait power desalin...
Thursday, 16 July 2026
Evening Market Recap: 16 Jul 2026
Thursday delivered a split verdict that tested every trade in the briefing simultaneously. Asian chip stocks fell sharpl...
Morning Market Briefing: 16 Jul 2026
Asian equity markets have delivered a sharp risk-off shock this morning. South Korea's Kospi triggered a circuit br...
Wednesday, 15 July 2026
Morning Market Briefing: 15 Jul 2026
Tuesday delivered a pair of surprises that have materially shifted the week's macro structure. US CPI for June came...
Evening Market Recap: 15 Jul 2026
Wednesday delivered a second consecutive US disinflationary surprise. June PPI fell 0.3% month-on-month, beating expecta...
Tuesday, 14 July 2026
Evening Market Recap: 14 Jul 2026
Tuesday handed markets the scenario that this briefing series had flagged as its primary surprise risk: a sharply negati...
Morning Market Briefing: 14 Jul 2026
Global markets enter Tuesday's London session with a new structural layer added to an already complex geopolitical...
Monday, 13 July 2026
Evening Market Recap: 13 Jul 2026
Monday's session delivered exactly what the weekend's escalation promised: oil gapping higher, gold breaking b...
Morning Market Briefing: 13 Jul 2026
The weekend brought a sharp reversal of Friday's cautious de-escalation narrative. Iran expanded its military strik...
Sunday, 12 July 2026
Friday, 10 July 2026
Evening Market Recap: 10 Jul 2026
Friday delivered a cleaner verdict than Thursday's chaos suggested it would. The yen was the session's standou...
Morning Market Briefing: 10 Jul 2026
Friday July 10 arrives with the geopolitical temperature fractionally lower than any point this week. A US official conf...
Thursday, 9 July 2026
Morning Market Briefing: 9 Jul 2026
Two nights of US strikes on Iran and Iranian retaliatory attacks on American bases in Bahrain and Kuwait have pushed thi...
Evening Market Recap: 9 Jul 2026
Thursday's session resolved the tension of the past two days in a way that surprised the market's geopolitical...
Wednesday, 8 July 2026
Evening Market Recap: 8 Jul 2026
Wednesday delivered everything the morning briefing warned about and then some. Trump's declaration at the NATO sum...
Morning Market Briefing: 8 Jul 2026
The session entering the London open on July 8 is among the most consequential of the year. The US launched fresh airstr...
Tuesday, 7 July 2026
Morning Market Briefing: 7 Jul 2026
Tuesday opens with a live geopolitical headline that Monday never had. A natural gas carrier was hit in the Strait of Ho...
Evening Market Recap: 7 Jul 2026
Tuesday delivered the scenario the morning briefing specifically flagged as the session's highest-risk surprise: a...
Monday, 6 July 2026
Morning Market Briefing: 6 Jul 2026
Markets return from the July 4 holiday weekend with the June NFP miss still setting the tone. The US economy added just...
Evening Market Recap: 6 Jul 2026
Monday's return of full US liquidity resolved the post-NFP weekend positioning cleanly enough: tech recovered, the...
Sunday, 5 July 2026
Friday, 3 July 2026
Morning Market Briefing: 3 Jul 2026
Thursday's US jobs report landed with force. Just 57,000 nonfarm payrolls were added in June against an expectation...
Evening Market Recap: 3 Jul 2026
Friday's session was defined by what was absent rather than what arrived. With US markets closed for Independence D...
Thursday, 2 July 2026
Morning Market Briefing: 2 Jul 2026
Markets approach Thursday's London open with one thing on their minds: US June nonfarm payrolls at 13:30 GMT, relea...
Evening Market Recap: 2 Jul 2026
Thursday's session was decided in the thirty minutes after 13:30 GMT. The June nonfarm payrolls report delivered 57...
Wednesday, 1 July 2026
Evening Market Recap: 1 Jul 2026
Wednesday delivered the Sintra verdict markets had been waiting for, and it landed somewhere between neutral and margina...
Morning Market Briefing: 1 Jul 2026
Today's Sintra panel carries market-moving potential rivalling Jackson Hole, with Fed Chair Warsh, ECB President La...
Tuesday, 30 June 2026
Morning Market Briefing: 30 Jun 2026
Today is the final session of Q2 2026, and it opens on three simultaneous pressure points: a fresh year-high in USD/JPY...
Evening Market Recap: 30 Jun 2026
The final session of Q2 2026 closed out a quarter the data will remember for some time: WTI's largest decline since...
Monday, 29 June 2026
Evening Market Recap: 29 Jun 2026
Monday delivered a genuine whipsaw. Stocks rallied on the back of a hostilities pause between the US and Iran and a Supr...
Morning Market Briefing: 29 Jun 2026
Markets open Monday with an uncomfortable mix of diplomatic hope and fresh military escalation. The US and Iran have agr...
Sunday, 28 June 2026
Friday, 26 June 2026
Evening Market Recap: 26 Jun 2026
Friday's session delivered a partial resolution to the week's central tension but left the structural question...
Morning Market Briefing: 26 Jun 2026
Friday opens with a second consecutive reversal of sentiment in global markets. Apple's decision to raise MacBook a...
Thursday, 25 June 2026
Evening Market Recap: 25 Jun 2026
Thursday delivered the week's pivotal data point, and the outcome was neither the validation nor the contradiction...
Morning Market Briefing: 25 Jun 2026
Thursday's session opens with two competing forces that rarely arrive simultaneously. Micron's blowout quarter...
Wednesday, 24 June 2026
Morning Market Briefing: 24 Jun 2026
Wednesday's session arrives with the dust from Tuesday's global technology rout still settling. The Kospi has...
Evening Market Recap: 24 Jun 2026
Wednesday's session in markets was dominated by oil, and the move was significant. WTI crude broke below $70 for th...
Tuesday, 23 June 2026
Evening Market Recap: 23 Jun 2026
Tuesday's session opened with the question of whether Monday's Iran-US peace progress would hold under scrutin...
Morning Market Briefing: 23 Jun 2026
Markets enter Tuesday with the macro picture shifting quickly. Keir Starmer confirmed his resignation as UK Prime Minist...
Monday, 22 June 2026
Morning Market Briefing: 22 Jun 2026
Markets open Monday facing a weekend of escalation in the Middle East, with Iran re-closing the Strait of Hormuz on Sund...
Evening Market Recap: 22 Jun 2026
Monday's session delivered one of the sharpest single-day reversals in the geopolitical narrative that has driven m...
Sunday, 21 June 2026
Friday, 19 June 2026
Evening Market Recap: 19 Jun 2026
Friday's session was a study in how quickly geopolitical narratives can produce self-cancelling signals. The Swiss...
Morning Market Briefing: 19 Jun 2026
The peace deal that defined this week's market narrative has hit a wall. Iran has frozen its MOU commitments and ca...
Thursday, 18 June 2026
Morning Market Briefing: 18 Jun 2026
Markets this morning are navigating a genuine two-sided conflict between a hawkish Fed and a formally signed peace deal....
Evening Market Recap: 18 Jun 2026
Thursday's session belonged to oil and the carry trade. The US-Iran memorandum was signed at Versailles overnight,...
Friday, 12 June 2026
Thursday, 11 June 2026
Evening Market Recap: 11 Jun 2026
Thursday delivered everything the morning briefing warned about and then some. The ECB hiked as expected but Lagarde...
Morning Market Briefing: 11 Jun 2026
Global markets are entering Thursday's London session under heavy geopolitical and central bank pressure. The US mi...
Wednesday, 10 June 2026
Morning Market Briefing: 10 Jun 2026
Global markets enter Wednesday's London session in an acutely risk-off posture after US forces launched overnight s...
Evening Market Recap: 10 Jun 2026
Wednesday delivered the inflation print the market had spent a week building toward, and it landed in line with consensu...
Tuesday, 9 June 2026
Monday, 8 June 2026
Evening Market Recap: 8 Jun 2026
Monday's session opened with maximum geopolitical risk premium and closed with most of it unwound. Iran's decl...
Morning Market Briefing: 8 Jun 2026
Markets open Monday in a distinctly hostile tone. Two shocks hit simultaneously over the weekend: Israel struck military...
Sunday, 7 June 2026
Friday, 5 June 2026
Morning Market Briefing: 5 Jun 2026
Friday's session is defined by a single number. May US nonfarm payrolls land at 13:30 UK time against a consensus e...
Evening Market Recap: 5 Jun 2026
Friday delivered the exact scenario that every instrument in the portfolio feared. May nonfarm payrolls came in at 172,0...
Thursday, 4 June 2026
Morning Market Briefing: 4 Jun 2026
US equity futures are pointing sharply lower this morning after Broadcom reported a fiscal second-quarter revenue miss t...
Evening Market Recap: 4 Jun 2026
Thursday produced a session defined by sharp internal divergence. The Dow rallied to a fresh record as money rotated vio...
Wednesday, 3 June 2026
Evening Market Recap: 3 Jun 2026
Wednesday delivered the escalation that this week's briefings warned was a genuine tail risk. Iranian drone and mis...
Morning Market Briefing: 3 Jun 2026
Markets enter Wednesday 3 June 2026 facing a tension that will not resolve neatly. Secretary of State Rubio confirmed to...
Tuesday, 2 June 2026
Evening Market Recap: 2 Jun 2026
Tuesday's session was largely defined by two forces pulling in opposite directions: a relief bid from Trump's...
Morning Market Briefing: 2 Jun 2026
Global markets are entering Tuesday's London session in a split-screen environment: Wall Street closed at fresh all...
Monday, 1 June 2026
Morning Market Briefing: 1 Jun 2026
Global markets enter June at all-time highs, but the rally rests on increasingly fragile foundations. US and Iranian neg...
Evening Market Recap: 1 Jun 2026
June 1 began with cautious Iran deal optimism and ended very differently. Iran's semi-official Tasnim news agency r...
Sunday, 31 May 2026
Friday, 29 May 2026
Morning Market Briefing: 29 May 2026
Global markets are entering Friday 29 May in a state of controlled uncertainty. The dominant theme is the US-Iran ceasef...
Evening Market Recap: 29 May 2026
Friday's session delivered the PCE print markets had been waiting for all week - core inflation at 3.3% year-on-yea...
Thursday, 28 May 2026
Morning Market Briefing: 28 May 2026
Global markets are entering Thursday's session with a cautious, mixed tone driven entirely by the ongoing US-Iran c...
Evening Market Recap: 28 May 2026
Thursday's session was defined by a sharp reversal in Middle East sentiment. Oil had been grinding lower all week o...
Wednesday, 27 May 2026
Morning Market Briefing: 27 May 2026
Global markets on 27 May 2026 are caught between competing forces. Optimism over a potential US-Iran deal to reopen the...
Evening Market Recap: 27 May 2026
Wednesday 27 May delivered one dominant theme: a sharp de-escalation trade in energy markets after Iranian state media r...
Tuesday, 26 May 2026
Morning Market Briefing: 26 May 2026
Markets are entering Tuesday in a cautious risk-on posture, defined almost entirely by one variable: whether the United...
Evening Market Recap: 26 May 2026
Tuesday's session was defined by a single development: U.S. forces carried out fresh strikes in southern Iran overn...
Monday, 25 May 2026
Evening Market Recap: 25 May 2026
Monday's session was shaped by two things: the Iran deal optimism that broke over the weekend, and the absence of t...
Morning Market Briefing: 25 May 2026
Markets open this Monday with a cautiously optimistic tone following a weekend development that has dominated overnight...
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